Fiberglass enterprises achieved profit new growth based on devaluation

Our fiberglass production accounts for about 55 percent of global glass fiber output, which exports accounted for 40% -50%. Since 2014 the recovery trend in the overseas export market has emerged, August devaluation would help to promote export growth of fiberglass, thickening fiberglass enterprises profits, such as the Sichuan weibo and Sichuan sincere and long-term complex material co., ltd and so on.

Devaluation will boost some export-oriented industries which exports accounted for a higher proportion. On the one hand, export-oriented enterprises in the export settlement generally is the US dollar as the settlement currency, devaluation can increase the exchange gain related businesses. On the other hand, the domestic export products competitiveness will be enhanced on the international market after devaluation.

August 11 the central bank announced the adjustment of the RMB exchange rate quotation system, on the 11th, the 12th in a row down for the central parity of RMB, while the US dollar against the yuan central parity rate from August 10, 1 US dollar 6.1162 yuan to one 1 US dollar against 6.3306 yuan. the euro against the yuan central parity rate from August 10 6.7226 yuan against one euro to $ 6.9481, a two-day continuous reduction reached 3.5%, the RMB exchange rate is expected to depreciate by 5%.

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